Market Overview 

The next-generation wireless communication market is valued at an estimated USD 35.8 billion in 2024, and it is expected to grow at a rate of 17.6% during 2024–2030, to reach USD 95.0 billion by 2030.  

This is particularly because of the growing desire for advanced communication technologies, the rising trend of the telecommunication industry, and more support from governments who wish to build up the information technology sector around the world. 

Due to this, organizations are coming up with unique approaches to deploy 5G networks to meet the current market needs. They are reducing the cost of small cells and raising interest from the vertical players as well as MNOs. In addition, both SDNs and NFV are virtualized and simple network options that provide the efficiency for better functionality based on the centralization of functions.  

Due to the growing need to have voice and data access, many service providers have in the recent past begun funding the realization of 5G networks. In the process, companies make smaller cells that cost less and in return offer customers better bandwidth options. C-RAN development for 5G holds attractive implications for wireless technologies as it will enable network slicing and MEC. 

The rising demand for reliable communication solutions in different fields like public safety and defense services, healthcare, etc. can be considered a major factor spurring the market. In the U.K., in the period between 2021 and 2022, the total was nearly 4. Here another 3 million homes received full-fiber broadband connection at their homes. 

The next-generation wireless communication market is valued at an estimated USD 35.8 billion in 2024, and it is expected to grow with a rate of 17.6% during 2024-2030.

Key Insights 

  • In 2024, the hardware category dominates with 45% revenue. 
  • Includes routers, modems, network switches, fiber-optic cables, transmission tower/base  
  • station equipment, network hubs, and firewalls with pre-installed software. 
  • During the projection period, the software category to witness the highest CAGR of 17.9%. 
  • Enables network scalability and responsiveness, crucial for managing data traffic. 
  • The cellular category contributes 35% of revenue, dominant in 2024. 
  • Driven by GSM standards, expanded coverage, mobile data service growth, and prepaid service launches. 
  • The Wi-Fi category saw the highest CAGR of 18.2% from 2024 to 2030. 
  • Fueled by smart homes, IoT device usage, and demand for seamless connectivity. 
  • The Telecommunications category contributes 30% of market revenue, prominent in 2024. 
  • Growth in machine-to-machine (M2M) communications and emphasis on value-added services and client experience. 
  • North America leads with 45% market share in 2024, driven by market leaders and advanced telecom  
  • APAC to witness the fastest growth (CAGR 17.9%) from 2024 to 2030 due to advanced technology adoption, government support, and smart city initiatives. 
  • 5G deployment boosts IT sector contributions to the U.S. GDP (nearly USD 2 trillion), with almost half of mobile users having 5G access in 2023. 
  • APAC countries like India, China, Japan, and South Korea prioritize 5G for future-ready manufacturing, M2M, IoT, and industrial applications.